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7. Refer to Table below. Consider the following data on nominal GDP and real GDP (values are in billions of dollars): Calculate the the GDP

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7. Refer to Table below. Consider the following data on nominal GDP and real GDP (values are in billions of dollars): Calculate the the GDP deflator for 2015 and 2016 and the rate of inflation between these two years. Nominal Year GDP Real GDP 2014 $13,399 $12,976 2015 14,078 13,254 2016 14,441 13,312 2

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